Banque Misr provides LE 4.4B loans to SMEs

CAIRO – 6 November 2017: Egypt’s second largest state-owned bank Banque Misr financed LE 4.4 billion ($249 million) to small and medium enterprises (SMEs) and micro-small projects by June 2017, the bank said in a Monday statement.

In cooperation with the Ministry of Local Development, Banque Misr finances SMEs through 308 local units across Egypt since March 2015.

Micro-small projects received LE 1.3 billion in funds from Banque Misr given to 58,634 clients until the end of June.

Banque Misr signed in July an agreement with the Ministry of Planning and the National Bank of Egypt worth LE 400 million to finance educational and training programs.

This cooperation reflects the ministry’s concern over achieving Egypt’s Vision 2030 by increasing investments in human resources through educational and training programs that will decrease the development gaps, the ministry said at that time.

The agreement includes implementing community awareness activities to spread the SMEs culture of self-employment and entrepreneurship, in addition to the financial inclusion awareness to expand the banks’ clients base, which will promote the role of the banks sector in economic growth.